Justin Sun’s Poloniex reportedly loses over $60M

Another day, another hack. This time around, Justin Sun’s crypto exchange – Poloniex – has reportedly fallen victim to a theft. This has resulted in the platform incurring a loss of over $60 million, according to Colin Wu. This incident was also confirmed by Peckshied, a blockchain security and data analytics company.

So far, the crypto exchange has lost money in several cryptocurrencies, including Link, TRX, and TUSD. According to the exchange’s latest Twitter post, Poloniex’s wallet “has been disabled for maintenance.”

The platform, however, did not mention the root cause for the suspension and there has been no official mention of a hack. The founder of Tron and owner of Poloniex – Justin Sun has also not spoken about the incident on his social media platform.

Poloniex becomes Sun’s second exchange to fall

Interestingly, reports of a hack surfaced months after Sun’s other crypto exchange – HTX also fell victim to a hack. The exchange, which was previously known as Huobi, lost 5000 ETH (nearly $8 million) over an attack that took place in September 2023.

However, despite the loss, Sun assured customers that the exchange “fully covered the losses incurred from the attack and has successfully resolved all related issues.”

The story is still developing…